Summary:

India's exports are rising rapidly and are expected to exceed $800 billion in FY25, according to Commerce & Industry Minister Piyush Goyal. He noted that exports have steadily increased over the last four years, dismissing concerns of a decline. Addressing the Rajya Sabha, he assured that foreign reserves will remain above $600 billion. Imports of essential goods, driven by domestic demand, indicate strong economic growth and rising consumption.

He stated that rising imports in specialized sectors attract industries, creating jobs and increasing investments. While domestic manufacturing may take time to expand, import substitution will strengthen the economy in the long run. The 2025-26 Budget provides tax relief to the middle class, boosting consumer spending. This strategic approach sustains economic momentum while effectively balancing imports, exports, and domestic growth.

Source: IBEF

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